Budgeting on a shoe string

A budget can help you get in control of your finances. It is a plan that helps you identify anticipated income, expenses, and savings on a regular basis. Budgets also enable individuals to identify the level and importance of their expenses and help us see exactly where our money goes. It is also important to set and keep in mind your goals while preparing your budget.

Why do I need to budget?

Making a budget helps you to:

How do I create a budget?

Creating a budget is not difficult, although it may take some concentration, and a bit of work. And you do not need to be a financial or maths genius to do it! The following tips will help:

Steps to Create a Budget

Use the MoneyBasics Calculator or download the MoneyBasics Budget Form and follow the steps below to create your budget.

Defining / Prioritising your Goals

To manage your money effectively, it is important to prioritise your spending. This may vary from person to person but a general guide could be:

Further information

Try the MoneyBasics Budget Calculator or download a MoneyBasics Budget Form to help create your budget.

For more help on creating a budget, you can contact Credit Action on: 0207 436 9937

Try the FSA’s Financial Health Check and find out tips for a healthier financial lifestyle – now and in the future.

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